The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Marketing
The next step is a marketing plan. Often, your agent can
recommend repairs or cosmetic work that will significantly enhance the
salability of the property. Marketing includes the exposure of your property
to other real estate agents and the public. In many markets across the
country, over 50% of real estate sales are cooperative sales; that is, a
real estate agent other than yours brings in the buyer. Your agent acts as
the marketing coordinator, disbursing information about your property to
other real estate agents through a Multiple Listing Service or other
cooperative marketing networks, open houses for agents, etc. The REALTOR®
Code of Ethics requires REALTORS® to utilize these cooperative relationships
when they benefit their clients.
Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.
Security
When a property is marketed with an agent's help, you do not have
to allow strangers into your home. Agents will generally pre-screen and
accompany qualified prospects through your property.
Negotiating
The negotiation process deals with much the same issues for both
buyers and sellers, as noted above under the buying process. Your agent can
help you objectively evaluate every buyer's proposal without compromising
your marketing position. This initial agreement is only the beginning of a
process of appraisals, inspections and financing -- a lot of possible
pitfalls. Your agent can help you write a legally binding, win-win agreement
that will be more likely to make it through the process.
Monitoring,
renegotiating and closing
Between the initial sales
agreement and closing (or settlement), questions may arise. For example,
unexpected repairs are required to obtain financing or a cloud in the title
is discovered. The required paperwork alone is overwhelming for most
sellers. Your agent is the best person to objectively help you resolve these
issues and move the transaction to closing (or settlement).
Why use a REALTOR?
All real estate licensees are not the same. Only real estate
licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are
properly called REALTORS®. They proudly display the REALTOR "®" logo on the
business card or other marketing and sales literature. REALTORS® are
committed to treat all parties to a transaction honestly. REALTORS®
subscribe to a strict code of ethics and are expected to maintain a higher
level of knowledge of the process of buying and selling real estate. An
independent survey reports that 84% of home buyers would use the same
REALTOR again.
You be the judge
Real estate transactions
involve one of the biggest financial investments most people experience in
their lifetime. Transactions today usually exceed $100,000. If you had a
$100,000 income tax problem, would you attempt to deal with it without the
help of a CPA? If you had a $100,000 legal question, would you deal with it
without the help of an attorney? Considering the small upside cost and the
large downside risk, it would be foolish to consider a deal in real estate
without the professional assistance of a REALTOR®!
